Mobile Payments via QR Code Gaining Steam in Indonesia

Payments via QR Code Gaining Steam in IndonesiaAccording to a new report published Thursday, the mobile payments market in gaining steam across Indonesia. But small and medium enterprises (SMEs) require greater access to more sophisticated payment infrastructure to capitalize on opportunities born of the modern mobile boom.

Thankfully for merchants in the region, iPaymu, an online payment processor, has just rolled out the red carpet for the arrival of its mobile payment service with Quick Response Code (QR Code) capabilities.

Available on the Android platform, users have to login, and point the smartphone to the barcode or QR Code at the merchant store. It is understood that iPaymu has already tested the service in one of the universities in Malang, where food court vendors use the QR Code to verify payments.

Riyeke Ustadiyanto, CTO of iPaymu, tells E27 that the QR code-based mobile payment “will complement the digital payment ecosystem provided by iPaymu to boost the growth of Indonesia e-commerce industry.”

“This service will become (an) alternative to EDC machine from bank,” Ustadiyanto is quoted in the report.

According to the latest industry estimates, QR codes remain popular throughout the world, especially in the U.S., where 99% of the largest domestically produced magazines now use QR codes. 50% of marketers also use QR codes today to engage customers in their branding campaigns.